GLOBALCAPITAL INTERNATIONAL LIMITED, a company

incorporated in England and Wales (company number 15236213),

having its registered office at 4 Bouverie Street, London, UK, EC4Y 8AX

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  • SHANDONG Yangzhou Coal Mining (YCC), the first Chinese coal company to seek a listing in Hong Kong, has reduced the issue price for its HK$2.21bn offering. The ABN Amro and Bear Stearns arranged deal will see the company offered at a p/e of between 6.25 and 7.75 times this year's prospective earnings.
  • Two small issues were launched in the domestic Australian bond market this week. SBC Warburg Dillon Read led an issue from AMP Shopping Centre Trust and Common- wealth Bank of Australia (CBA) brought a private placement FRN for state owned Australian Postal Corporation (Australia Post). The A$80m FRN for AAA/A-1+ rated Australia Post is to be priced today (Friday) and will be fungible with an existing issue, bringing the total outstanding to A$447.5m.
  • DOMESTIC bond issuance in Taiwan looks set to surge over the second quarter. Bankers are predicting a slew of issues as supranational borrowers harvest arbitrage opportunities and local corporate borrowers seek to insulate themselves from the Asia premium demanded by the offshore market. The European Investment Bank (EIB) is set to price its two tranche NT$6bn ($185m) issue towards the end of next week, while the European Bank for Reconstruction and Development (EBRD) is set to launch its third transaction during the next month.
  • ROADSHOWS for the Republic of Korea's critical global bond are poised to begin in Hong Kong next Thursday, with lead managers Goldman Sachs and Salomon Smith Barney likely to price the roughly $3bn offering on Tuesday April 7. Seoul bankers believe that while the government is hoping to launch a 10 year transaction at as low as 300bp over Treasuries, it has indicated an unusual degree of flexibility in its attitude to the pricing and structure of the deal.
  • * Stephen Taran, managing director of credit research at Lehman Brothers Asia has resigned. Taran's departure marks a sad loss for the US investment bank where he was one of Asia's key deal originators with a network of close government-level contacts across the region. Taran wishes to move back to the US over the medium term, and his new post is likely to be as head of global sovereign credit research at an as yet unnamed rival US firm.
  • * European Investment Bank Rating: Aaa/AAA
  • AN ISSUE of stripped Portuguese government bonds was launched this week through special purpose vehicle OT STRIPS (Luxembourg). It is the second such transaction to come to the Portuguese market. Lead managed by Banco Mello de Investimentos and Banco Chemical Finance, the deal is backed by Esc15bn of the 5.375% OT due in June 2008 and has a total value, including the interest strips, of Esc23.0625bn.
  • DEUTSCHE Morgan Grenfell and SBC Warburg Dillon Read are set to launch the Russian Federation's first Eurobond of 1998 next Monday -- likely in the form of a DM1bn-plus seven year Euro/144A issue. A senior delegation from the Russian finance ministry and officials from the lead managers this week completed a series of investor presentations in Geneva/Zurich, Paris, Frankfurt and London. Price talk on the transaction, which will mark the opening leg of the Ba3/BB-/ BB+ (Moody's/S&P/Fitch IBCA) rated sovereign's $3.4bn international bond financing programme for 1998, is 460bp-480bp over Bunds.
  • * European Bank for Reconstruction and Development Rating: Aaa/AAA
  • Denmark JP Morgan (co-ordinator) and Den Dankse Bank (facility agent) have won the mandate to arrange a $350m seven year multicurrency revolving credit for Tele Danmark. The borrower will use the loan for general corporate purposes. The loan is priced at 12.5bp over Libor for the first five years and 15bp for the final two years. A commitment fee of 6bp is offered for the first five years and 6.5bp thereafter.
  • The DM100m three year revolving credit arranged for the Republic of Slovenia has closed after an extremely successful syndication. Appetite proved to be extremely strong and the facility was increased to DM150m with banks' commitments still scaled back. The success of the deal will provide welcome relief to arrangers in the central and east European loan market which have this year struggled to get their deals away. Appetite has been poor and only the best credits have attracted the full attention of participants.